{"id":30763,"date":"2020-10-05T15:55:43","date_gmt":"2020-10-05T15:55:43","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=30763"},"modified":"2020-10-05T15:55:43","modified_gmt":"2020-10-05T15:55:43","slug":"cbn-sees-foreign-reserves-falling-under-34bn-by-dec-amid-fast-depleting-export-income","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-sees-foreign-reserves-falling-under-34bn-by-dec-amid-fast-depleting-export-income","title":{"rendered":"CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income"},"content":{"rendered":"<p>Africa Press-Nigeria:<\/p>\n<p>The Central Bank of Nigeria (CBN) said it expects Nigeria\u2019s international reserves, which opened at $38.100 billion in January to close the year anywhere between $29.9 billion and $34 billion as Africa\u2019s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, its biggest foreign exchange earner.<\/p>\n<p>\u201cSpecifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.<\/p>\n<p>\u201cAs a result, external reserves are expected to lie between $29.9 billion and $34.3 billion at end-December 2020 (predicated on current declining oil price between $20 and $40),\u201d the regulator said in its Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020\/2021, issued on Sunday.<\/p>\n<p>Nigeria\u2019s foreign reserves had been fast depleting from January till April, when it touched a year-to-date low of $33.440 billion in April before a $3.4 billion credit from the International Monetary Fund came along that helped it bottom out, after falling without cease for at least eight consecutive months.<\/p>\n<div dir=\"ltr\">\n<div>\n<div dir=\"ltr\">\n<div>\n<p>It climbed marginally by $58.464 million or 0.16% to $35.724 billion by 29<sup>th<\/sup>\u00a0September, having risen from\u00a0<a href=\"https:\/\/www.ripplesnigeria.com\/foreign-reserves-grew-only-marginally-in-september-cbn-data\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ripplesnigeria.com\/foreign-reserves-grew-only-marginally-in-september-cbn-data\/&amp;source=gmail&amp;ust=1601976004578000&amp;usg=AFQjCNGccdD0HJN2FxSTd4x8Ke1E1jg1pQ\">$35.665 billion<\/a>\u00a0a month before.<\/p>\n<p>\u201cThis development, in addition to exchange market pressures, emanating from speculative activities in the BDC and I &amp; E segments of foreign exchange market, is expected to exert pressure on the naira exchange rate.<\/p>\n<p>\u201cIn addition, increased risk aversion behaviour by investors may negatively impact on capital inflow, as they flee to safe-haven assets,\u201d the CBN report added.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div dir=\"ltr\">\n<div>\n<div dir=\"ltr\">\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Africa Press-Nigeria: The Central Bank of Nigeria (CBN) said it expects Nigeria\u2019s international reserves, which opened at $38.100 billion in January to close the year anywhere between $29.9 billion and $34 billion as Africa\u2019s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":8947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,1453],"class_list":["post-30763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-coronavirus-in-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - 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